Key Points Indian billionaire Joy Alukkas got snubbed at a Rolls-Royce showroom in Dubai back in 2000. The salesperson told him to check out Mitsubishi instead. Alukkas, who’s a big deal in India and runs the Joyalukkas Group, felt insulted and bought a Rolls-Royce on a whim. He later gave the Rolls-Royce away in a raffle to…
Key Points The Atal Setu, India’s longest sea bridge, links Mumbai and Navi Mumbai. Since opening on January 13, 2024, more than 5 million vehicles have crossed it. The bridge has made it way easier to get from South Mumbai to the Mumbai-Pune Expressway. Maharashtra Chief Minister Eknath Shinde has praised the bridge for helping with traffic…
Key Points: Trent Ltd.’s stock has surged by 129% this year, outperforming many global retail stocks. The Tata Group company is set to join India's NSE Nifty 50 index next month. Trent’s success is largely attributed to its affordable fashion brand, Zudio. The company’s sales increased by 56% in the latest quarter, surpassing competitors like Avenue Supermarts…
Key Points Welspun Enterprises Limited's subsidiary, Welspun Michigan Engineers Limited (WMEL), has secured a Rs 159.75 crore contract from Brihanmumbai Municipal Corporation (BMC). The contract involves rehabilitating 17 km of sewers in Mumbai using trenchless technology. The project is expected to be completed within 24 months, excluding the monsoon season. Welspun Enterprises has seen a 120% increase…
Key Points Boya Ramanjaneyulu, a farmer from Jonnagiri in Kurnool district, discovered a diamond on his farm. Ramanjaneyulu and his brother Shekhar work on their two-acre farm and drive for extra income when needed. He sold the diamond to a local trader for Rs 12 lakh and five tolas of gold. The incident has made him a…
In Short: Finance Minister Nirmala Sitharaman announced that 72% of taxpayers have opted for the new tax regime, which offers a simpler and more straightforward system compared to the previous one. Speaking at the Income Tax Department’s 165th anniversary, she emphasized that this new tax regime is designed to be user-friendly, with fewer exemptions and complications. Sitharaman…
In Short: In September, central employees might receive an exciting update regarding their dearness allowance (DA). The cabinet is expected to approve a 3% increase in DA, boosting the current rate from 50% to 53%. This adjustment, effective from July 1, 2024, will be based on recent Consumer Price Index (CPI-IW) data indicating higher inflation. The increase…
In Short Electric buses in India face significant hurdles, particularly in the private sector, where adoption remains minimal despite the country's ambitious climate goals. India aims to cut carbon emissions and achieve net-zero by 2070, with road transport being a key focus due to its substantial contribution to emissions. The government has incentivized the electrification of various…
In Short: A massive cyberattack has resulted in the theft of over $230 million from the Indian cryptocurrency exchange WazirX, with forensic analysis by Mandiant Solutions providing some clarity on the incident. Mandiant's report, which focused on three key laptops used by WazirX, found no evidence of compromise in these devices, implying that the attack did not…
Summary Ola Electric Mobility Ltd's stock saw a significant rise on August 19, hitting its upper circuit limit on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The stock price nearly doubled since its market debut, reaching Rs 146.03 per share on the BSE and Rs 146.38 per share on the NSE. This…